Stockrabit · Analysts
Questions across 31 calls

Manoj Menon

ICICI Securities

Honasa Consumer Limited

Honasa Consumer Limited CC-May26.pdf · 2026-05-21
I have only one small clarification, which is exactly in the overall growth, which has been, obviously, top of the line and very, very impressive, how much is the growth driven by the core businesses and the newer, let's say, SKUs or products which you've launched? Let's say -- put it this way, right? So let's say, how much of the growth is driven by the products which you have launched in the last 1 year versus which existed previously?
Sure. That's loud and clear. Secondly, Varun, just about Reginald Men, whatever you can talk in a public platform about -- let's say, it's been a few months, maybe 5 months now, right, already. Let's say, what's your initial take? And where do you think the brand could be -- not necessarily numbers, right? And what are the qualitative aspects? The reason I'm asking because just as a consumer, when I was searching to buy the brand, for example, I couldn't find the brand, let's say, in a platform like Nykaa. So there is a common observation that probably there are a lot of low-hanging fruits to be executed here. So just a bit of Reginald Men and your medium-term aspirations in the brand.
Honasa Consumer Limited CC-Sep24.pdf · 2024-11-14
Quite a few clarifications. Hopefully, nuanced ones. Just on the playbook revisit team, is it fair to make a statement of hypothesis that, look, you are absolutely clear about what doesn't work, but at the same time not very sure about what will?
And moving on to Mamaearth as a brand. Let's when I think about the, let's say, the brand key which you have for the brand. Look, you did alluded to, but I just want to double click on one aspect that just from a marketing point of view, not from an expense point of view or support point of view which you did allude to. Is it a case of extendibility, let's say, a lot of in freight challenges that you had, went a little too far with the brand. The reason now I am asking this because at least I can't think of too many brands which are successfully straddled body, face, hair, etc., etc.

JSW Dulux Limited

JSW Dulux Limited CC-Feb26.pdf · 2026-02-03
Good performance, I must say, in the context of the market and also maybe rationality in parts of competition, etc., plus the transition. I've got a few things, but the most important thing comes to my mind is the revenue synergies . If you could talk a bit about whatever you can speak in a public domain subject to confidentiality on the revenue synergies, let's say, Dulux brand gaining from the JSW paint distribution or vice versa, or both, or just that you have got a far bigger scale today, your ability to accelerate numeric. So just please talk a bit about revenue synergies would be super helpful. Thank you.
The second and last one for today is that Rajiv and team, again, if you could talk a bit about the integration aspect beyond the people side of it, the culture side of it, and where are we currently. I know that it's a work -in-progress kind of, but you could talk about the people and the culture side of it. Thank you.
JSW Dulux Limited CC-Mar25.pdf · 2025-05-15
Sorry, I think there were some connection issues at my end. I'm audible, right, Rajiv and team?
Okay. Rajiv, so just wanted to just pick your perspective on one particular aspect that of industry growth. If I take a step back and go, let's say, 12, 15, 18 months back, there was a consensus narrative, honestly not our view. We had a honestly very diff erent view actually at an industry level. There's a consensus narrative or expectation that, let's say, the -- given the expected heightened competitive intensity of Birla entering at that point in time, it was assumed that the market leader will be largely fine.

AWL Agri Business Limited

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Feb26.pdf · 2026-02-10
Team, I have only one question or a clarification, which is essentially a request for a refresh of something which would have been discussed in the past. Essentially, the growth divergence between dine-in and delivery, delivery brilliant performance continues to grow double digits comfortably for a long time. You have done some interventions in the past to get the dine -in throughput. Can you just talk about where we are in the dine -in, let's say, rejuvenation journey? You had done some product pricing actions, etcetera. So that's one. One sub plot, which I just want to understand here is in your experience and your opinion, is this unique consumers. Let's say what I mean is that if a consumer is buying in, let's say, if there is a dine -in shop nearby, I mean, is there a propensity to go and dine out? Or is it just an impulse consumer you are capturing there? Is that an either/or situation, or both are separate consumers?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jan26.pdf · 2026-01-06
I had a couple of questions actually. The first one, in fact, was on the previous participant because I was actually looking to get some clarity on, let us say, your portfolio reshape opportunity, particularly on the Pizza Hut. Manish, just to reconfirm - we are saying that Pizza Hut, let us say, needs to be restructured, bringing the profitability to a certain level. And then there could be a phase for faster growth in that brand, right? Is that the right, let us say, conclusion?
Just one quick follow -up and I all fall back in the queue. So thanks for the disclosure on the cost synergies, which is very impressive. But I have a question on any potential revenue synergies which you see. So that is point number one. The second let us say, how do we think about the cost synergies? Is that more fuel for, let us say investing behind a lot of the new brands, including the recent acquisition of BBK etc. How do we think about the, let us say, the utilization of the cost synergy? Second one or the first one is on your thoughts on revenue synergies on the brands.

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-Nov25.pdf · 2025-11-14
Hi, GK and Amit. Good morning. I have only one clarification on the quick commerce bit. In your data analysis, what are you finding? Is it new consumers coming in? I know that you mixed up new versus the current set of consumers. But some colour on, let's say, the new customer or new consumer recruitment?
Interesting. Interesting. And that's an excellent outcome. Maybe at a much lower customer acquisition cost actually. The second one, if I may, some call I heard about the pleasing comments about the T AM expansion, particularly in some of the southern states, etc. Any qualitative colo ur subject to, obviously, confidentiality and maybe not putting the public domain? Any qualitative colour which you can tell about the tweaks which you have done, the learnings, etcetera, etcetera, which kind of would indicate maybe there is faster growth possible in this new geography?

Titan Company Limited

Titan Company Limited CC-Nov25.pdf · 2025-11-04
And first of all, thanks for hosting the call earl y in the day. So just I have only one feedback what you're seeing on the ground, what the customers are telling you in the context of the parabolic rise in gold prices on three aspects. One, what the customers, let's say, the willingness. You mentioned last time about customer buying an 18 -carat or less than 22. And importantly, what the activities which you are undertaking directionally, let's say, what proportion of your inventory is non-22 in plain gold or anything like that. And then how sustainable it is. Point number two, historically, we have noted that, at least, I've observed that whenever gold prices increases beyond a point, it becomes relatively easier across the counter to upgrade the consumer to stud it because consumer probably believes that studd ed is far better aspirational rather than gold. So are you -- so when I look at the studded mix, it largely remains flat, 1% here and there. And -- but having said that, I can't see the flow -through into the GP also. So how do I read that? So yes, so that's one. And the third is yesterday Thangamayil had put out an exchange release saying that they have actually seen a very good October in volumes. So how do -- I mean how are we to interpret? Is it an industry trend? Let's say, the typical volume price elasticity, is that holding out? How do we read that? Not Thangamayil, I'm talking about industry and particularly you.
Just one follow-up quickly, and I'll come back in the queue. So one hypothesis or assertion which I made was based on historical observation that across the counter, it's relatively easier to convert a gold consumer or a customer into a studded where for the like-to-like revenue your GP pool is far better, right? I mean so is that assertion right? I mean, or is there something like let's say you need better incentivization or some activity from your side to ensure that your conversions are, let's say, appropriately captured?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Nov25.pdf · 2025-10-31
Hi, team. Just a few clarifications. One actually on the insecticide business, particularly on the electrics. Now when I look at top down, a lot of data I read about electrification improvement. Point number two, you have improved the affordability with t he INR50 pack. Point number three, you've improved efficacy with the launch of the new formulation about 18 months back. Now I understand that overall, you have done double -digit volume growth, which is a credible performance in the context of the macros, etcetera. But HI specifically, If I'm to look at the overall growth, is there any other interventions you need for this category to grow faster?
Okay. So is it fair to say that the electrics are all growing, let's say, in line with your internal targets, plans, aspirations, etcetera. I guess that the rest of the portfolio is growing faster so that it probably doesn't reflect in the overall scheme of things?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Jun25.pdf · 2025-07-31
Hi, team. Just continuing with the question or clarification which Arnab had on the macros. Now, looking at your data, if you could help us understand, let's say, texture, color in whichever form of, let's say, the volume part and the mix part of UVG? So, that might, let's say, give us some cues or clues about what's already happening, which may or may not be forecastable.
HUL. Let's say, what your portfolio is telling, because you are a large player. So, some way, we can, at least in some categories, we can actually use it for a larger picture.
Hindustan Unilever Limited CC-Dec24.pdf · 2025-01-22
Thanks for higher disclosures this time. Just one clarification, team actually on the comment about absolute volumes outperforming the UVG aspect that you also called out, it's not a Home Care driven, it's actually non -home care. The context of this questi on is over the last, let's say, 4 quarters or maybe 3, definitely this fiscal, at least the perception was, let's say, macros or the bottom of the pyramid consumption should get better. Probably this is the first time in a while, it seems you're actually calling out a deceleration or a deterioration. Is that the right interpretation?
That's comprehensive. Quickly on the two questions here, a clarification. On the Stratos formulation, could you just help us understand, let's say, what part of your -- or what proportion of your portfolio ex of Dove and Pears, which I 24/40 presume can't be part of Stratos given the unique formulation it has got. And what part of India, you've already rolled it up?
Hindustan Unilever Limited CC-Sep24.pdf · 2024-10-23
I have only couple of questions. The one is on the soaps formulation change, which you implemented in June. It's been almost 5 months now. I just want to hear from you on the region- specific feedback, which you may have picked up on the ground on what's the consumer feedback in terms of the formulation change affecting their lives actually, that's one. Second, in soaps, as I understand this change, while you may have done for multiple reasons, one of the benefits is also far better gross margins. So when I look at the overall performance, I am unsure whether probably it was an up elevator, probably there are down elevators, which kind of neutralized it.
Pretty clear, Ritesh. Just 2 follow-ups, if I may. Given that around 40% of the bathing segment, soaps is actually -- is price pointed packs, let's say, INR10. I would presume that the frequency, let's say, for example, a INR 10 consumer would be replenishing every week, right? I mean so which means you have enough data till now. So why is that, let's say, is it just that you're kind of playing safe saying that we need a couple of quarters? Or is just that you have enough data already?

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-Mar25.pdf · 2025-05-08
Hi, Ramesh. Nice evening. So, I just seek your insights on consumer behaviour on a few aspects to begin with. Now given the material gold inflation which you have seen, I'm sure you would have seen s imilar templates playing out in your long experience as well. What's the consumer telling you in terms of the consumer behaviour? So let's say given the 40% sort of increase you have seen over the last six months, there are a lot of facets to it. Let's sa y, for example, is the salience of non-22-carat increasing? Is there a consumer demand for it? Anything what you see on the consumer behaviour? And I've got a few follow ups on it. Thank you.
Understood. Loud and clear. I'll take it separately. Now just on the making charges bit here, does it make a difference to your profit pool or the making charges when it comes to 22 to 18? I am talking about only plain gold would only play in the goal, not studded.
Kalyan Jewellers India Limited CC-Dec24.pdf · 2025-01-30
A couple of clarifications from my side. One, double clicking on what Pulkit asked a little earlier. On the PBT margin, part of it, let's say, looking into FY '26 and beyond. Is it fair to, let's say, make a statement of hypothesis that given that you have been, let's say, in a hyper expansion mode in the FOCO route over the last, I would say, 18 to 24 months. And also, that most of it has come into base, those would have ram ped up as per your plan, etcetera. Is it fair to make a statement that, let's say, going into FY '26 and beyond, let's say, the PBT growth will be ahead of the revenue growth?
Understood. And I recall the comment as of the last quarter going into FY '26. So, there's no change in the expansion plans, right? I mean, let's say, 90 stores for a FY '26, is absolutely impact?

Grasim Industries Limited

Grasim Industries Limited CC-Sep24.pdf · 2024-11-15
Just a couple of clarifications on the paints business. One, Rakshit and team, if you could comment about some numbers in terms of primary, secondary revenue, let's say, collection efficiency, some of those operating metrics, please?
That's very glad to hear. Second, the 2 sub -questions here, and that's the last one. One, in an industry where there is no MRP concept, right? It's only dealer -operated prices. I mean, okay, I'm thinking about the dealer profitability in the context of you actually going wide or, let's say, the ability of the dealer to retain all the margins. Isn't it reduces becau se there is always a competing dealer nearby? Second, sub-question here is, any comments on your thoughts about inorganic? Is it relevant or not even in the thoughts currently?

Zydus Wellness Limited

Zydus Wellness Limited CC-Sep24.pdf · 2024-11-11
Tarun, just continuing on this macro bit, it does appear a case of snake and ladder. Now in the rural bit, you mentioned that there's a bit of momentum for you currently. So could you elaborate on, let's say, what exactly you're doing in terms of any specific projects, either numeric expansion with selling, etcetera?
So let me put it this way. So let's say, of this 8% volume growth, is there a number which would attribute to, let's say, sales execution or, let's say, additional number of outlets or with selling? Any quantification possible?

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Sep24.pdf · 2024-10-30
Hi, team. I've got a few questions or clarifications rather. The first is actually on the comment about the macros impacting Officer's Choice volumes specifically. Is this something which you started noticing off late or it's been there for a while and then it kind of, let's say, exacerbated recently?
Loud and clear. Thank you. And just on the - if I can use the word restructuring of the portfolio or let's say exiting businesses or segments or SKUs, which doesn't meet threshold, that's a smart thing to do. Where have we in that journey? Is it like 30%, 50%, 80% just from a time series model?

Marico Limited

Marico Limited CC-Sep24.pdf · 2024-10-29
I got a few questions, but I will just start with what my friend asked a little earlier on the digital brands. I recall, around 12 months back, you actually had, there was an exchange release which spoke about, you got a new EVP digital, which was maybe my understanding, the first in the industry. And 12 months later, when I look at the performance, it definitely seems to be one of the important interventions you would have taken, which is working. Just only one question here, or rather two, I would say. Look, could just quantify the online, offline, let's say, salience, let's say, in the D2C brands, which you have, maybe not D2C anymore? Secondly, just also want to understand, let's say , the offline journey, which you had in the last, let's say , 12, 24 months and the learning, particularly in the aspect of demand planning. Because when I look at some of the peers who would have, plus the peers in that segment would have gone from online to offline, one of the challenges which I find they facing is to , let's say, to increase the demand planning accuracy. So, two questions. Let's say, your offline journey and point number two, the demand planning part.
That's very clear. I will honestly have a follow -up on this little later , team. Just only one thing which I understood on the initial part of the comment is that so most of the growth is still driven by online which means that, let's say, the offline piece is yet to happen in a material way.